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a community-created credits system with incentive rewards for individuals, local businesses, and the slum community.

a community-created credits system with incentive rewards for individuals, local businesses, and the slum community.

Photo of Paschal Maduhu
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Paschal commented on EdCreds: A New Currency for College

Brilliant Idea Shari, Will be more than happy to assist you making this a reality.

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Paschal commented on SLUM-PESA

Communities Can Create Money Too
Here is a simplified example, to show how we can create money together as a community. Imagine that you are in a community of just six businesses.
Together you issue sixty $10 coupons and agree to accept those coupons as payment for your goods and services. Instead of handing them out to the public, you hand the coupons out as bonuses to employees of the businesses. The employees can then use the coupons like cash, for purchases at any of the six businesses.
Each business will redeem a different number of coupons &mdashabout $100 worth on average. To make it fair, each business is compensated for the value of coupons it actually accepts: they get to pay those same coupons again to their employees or use them to buy things directly from the other businesses. The coupons go around again and businesses settle up again and again by reusing the coupons.
Gradually, you add new businesses and their employees and suppliers to the loop. Together you issue 10 more coupons for each new participant, including employees.
As a community you can also issue some coupons as grants to local nonprofits — and to local entrepreneurs as loans or equity investments.
The coupons in this example and in most local currency systems work just like US Dollars, with two problems: they are only good locally and you can't deposit them in a bank. Our design solves those shortcomings. SLUM-PESA® are issued as computerized bookkeeping instead of as paper. You can exchange them easily for US Dollars and ultimately even deposit them in an Account.

Thanks Chioma,
Actually this is the kind of feedback we were looking for, As I personally do not have experience with refugees camps environment. I would really like to know how M-Pesa works for refugees.